记者丨 张赛男 编辑丨黄剑 8月7日晚间，晶圆代工龙头中芯国际发布第二季度财报，二季度实现销售收入为22.09亿美 元，环比下降1.7%，同比增长约16.2%；净利润为1.325亿美元，同比下降19%，不及市场预 估的1.671亿美元；第二季度毛利率为20.4%，环比下降2.1个百分点，同比提升6.5个百分点。 利润下滑主要源于研发、折旧费用刚性支出及芯片定价压力等因素的影响。除了利润外，其 他几个关键指标同比均大幅好转，且和此前给出的二季度指引"季度收入环比下降4%至6%， 毛利率介于18%-20%的范围内"相比，均好于预期。 关于三季度，中芯国际给出的收入指引为环比增长5%到7%，毛利率指引为18%到20%。 值得关注的是，中芯国际产能利用率大幅提升。根据披露信息，其第二季度产能利用率为 92.5%，环比增加了2.9个百分点，同比提高7.3个百分点。这意味着行业景气度逐渐回升。 在8月8日召开的业绩说明电话会上，中芯国际联合CEO赵海军还谈到了对行业周期变化的展 望。在他看来，半导体周期从来都是和宏观经济周期相结合，目前各大机构报告显示近两年 不会发生宏观经济危机，且有报告预测半导体行业来年的增长率能达到 ...

Core Viewpoint - Semiconductor foundry leader SMIC reported a second-quarter revenue of $2.209 billion, a 1.7% decrease quarter-on-quarter but a 16.2% increase year-on-year, with a net profit of $132.5 million, down 19% year-on-year, falling short of market expectations [1][2] Financial Performance - In Q2, SMIC's gross margin was 20.4%, a decrease of 2.1 percentage points quarter-on-quarter but an increase of 6.5 percentage points year-on-year [1] - For the first half of the year, SMIC's revenue reached $4.46 billion, a 22% increase compared to the same period last year, with a gross margin of 21.4%, up 7.6 percentage points year-on-year [3] Capacity Utilization and Industry Outlook - SMIC's capacity utilization rate in Q2 was 92.5%, an increase of 2.9 percentage points quarter-on-quarter and 7.3 percentage points year-on-year, indicating a recovery in industry demand [2][4] - The company expects Q3 revenue to grow by 5% to 7% quarter-on-quarter, with a gross margin guidance of 18% to 20% [2] Market Segmentation - In Q2, revenue from the Chinese market accounted for 84.1%, the U.S. market 12.9%, and the Eurasian market 3.0% [3] - The highest revenue contribution came from consumer electronics at 41.0%, followed by smartphones at 25.2%, and industrial and automotive sectors at 10.6%, with the latter showing continuous growth [3] Product Demand and Trends - Significant growth in demand for analog chips, particularly in fast charging and power management applications, is noted, with SMIC gaining incremental orders from domestic clients [4] - The automotive electronics segment saw a 20% quarter-on-quarter growth, driven by various types of automotive chips [3][4] Future Expectations - SMIC remains optimistic about future growth, aiming to exceed the average growth rate of comparable peers, with a focus on market demand changes [6] - The company anticipates stable demand in the smartphone market, with a projected flat global smartphone shipment volume by year-end [7] - Average selling prices (ASP) are expected to rise in Q3 due to the discontinuation of discounts on 12-inch wafer products [7]